Aetna vs. Mutual of Omaha Medicare Supplement Plans
- Aetna and Mutual of Omaha are two leading insurance companies who offer Medicare Supplement Insurance (Medigap) plans. Our review compares these two companies so you can make the right choice for your Medicare coverage needs.
Two prominent insurance companies that offer Medicare Supplement plans are Aetna and Mutual of Omaha. In this review, we compare the two companies as it relates to their respective Medigap offerings to help you determine which carrier may the right one for you.
Company Ratings: Aetna and Mutual of Omaha
As two of the largest and most well-recognized insurance companies in the U.S., both Aetna and Mutual of Omaha maintain strong consumer and financial ratings.
Consumer Affairs gave Mutual of Omaha 4.1 out of 5 stars in 2021, and the company’s very own beneficiaries rate the company a 4.5 out of 5. Mutual of Omaha is accredited with the Better Business Bureau and holds an A+ rating. The company also holds A+ financial strength ratings from A.M. Best and Standard & Poor’s, along with an A1 rating from Moody’s.
Aetna also maintains strong financial strength ratings from A.M. Best (A), Fitch (AA-), Moody’s (A2) and Standard & Poor’s (A+). Aetna also has an A+ rating with the Better Business Bureau. Aetna is rated 3.8 out of 5 stars by Consumer Affairs.
What Is Medicare Supplement?
Medicare Supplement Insurance, or Medigap, are insurance plans that help pay for out-of-pocket Medicare costs like deductibles and copays. Medigap plans are standardized by the federal government. That means the coverage provided by a particular type of Medigap plan will be the same, no matter where the plan is sold or by whom.
Here is a comparison chart showing the standardized 2022 Medicare Supplement plans available in most states.
|Medicare Supplement Benefits||A||B||C1||D||F1||G||K||L||M||N|
|Part A coinsurance and hospital costs||✓||✓||✓||✓||✓||✓||✓||✓||✓||✓|
|Part B coinsurance or copayment||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|First 3 pints of blood||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|Part A hospice care co-insurance or co-payment||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|Co-insurance for skilled nursing facility||✓||✓||✓||✓||50%||75%||✓||✓|
|Medicare Part A deductible||✓||✓||✓||✓||✓||50%||75%||50%||✓|
|Medicare Part B deductible||✓||✓|
|Medicare Part B excess charges||✓||✓|
|Foreign travel emergency||80%||80%||80%||80%||80%||80%|
|1. Plans C and F are not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
2. Plans F and G also offer a high deductible plan which has an annual deductible of $2,490 in 2022. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high deductible Plan F is not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
3. Plan K has an out-of-pocket yearly limit of $6,620 in 2022. Plan L has an out-of-pocket yearly limit of $3,310 in 2022.
4. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in an inpatient admission.
View an image version of this table.
However, there are still plenty of differences between one Medicare Supplement insurance company.
- Not all carriers offer the same selection of plans.
- Premiums are not standardized, so plan prices may vary between the same type of plan plan offered by different companies in the same area.
- Insurance companies may offer extra perks to customers who sign up for their plans, which can make one company more attractive as you compare your plan options.
- Not all insurance companies maintain the same consumer or financial ratings.
Aetna vs. Mutual of Omaha: Medigap Plan Selection
Aetna sells Medigap Plans A, B, D, G (and high-deductible G), F and N. Mutual of Omaha sells Plans A, F (and high-deductible Plan F), G (and high-deductible G) and N.
Please note that not all plans are available in every location. You can compare your local plan availability to find your best Medigap plan option.
|Aetna||Plan||Mutual of Omaha|
Aetna offers a few more options than Mutual of Omaha, such as Plan B and Plan D. However, Mutual of Omaha sells both the standard and the high-deductible versions of Plan F, which has long been the most popular Medicare Supplement Insurance plan.
Aetna and Mutual of Omaha each offer high-deductible Plan G, which is increasingly becoming a popular Medigap plan.
Who Offers Better Medicare Supplement Rates?
While Medigap benefits are standardized, prices are not. Each carrier is free to set its own premium prices, and it’s typical to see some cost differences between competing companies.
Pricing also varies by location, so Plan A sold in one state may cost more or less than Plan A sold by the same carrier in another state. Pricing can also be affected by age, gender, tobacco use, available discounts and cost structure.
The table below shows a sample of costs for select plans in select cities for both Aetna and Mutual of Omaha. (Quotes are based on a 65-year-old non-smoking female with no discounts applied. Sample premiums are taken directly from each company’s website.)
Please note that plan availability and costs vary from one ZIP code to another. Be sure to compare your local plan options to find out how much each plan may cost where you live.
|Location||Plan||Aetna||Mutual of Omaha|
|Salt Lake City, UT||A||$122.45||$93.51|
As illustrated in the chart above, Mutual of Omaha has generally less expensive premiums when compared to Aetna. However, the example above uses only three plans in five locations and is not a complete representation of each carrier’s plan prices.
What Extra Medigap Benefits Do Aetna and Mutual of Omaha Offer?
Some insurance companies offer extra perks as an added bonus for enrolling in a Medicare Supplement plan.
Aetna Medigap plan members get access to a 24-hour nurse hotline where you can connect to a registered nurse about any injuries or illnesses or even with questions about your policy. The hotline pairs well with the company’s Healthwise resource center.
Aetna also grants members discounts on over-the-counter health products like vitamins and medicines, along with a meal-at-home program following hospital stays.
Mutual of Omaha has a senior fitness and wellness program called Mutually Well, and the company includes a free membership to the program for Medicare Supplement Insurance enrollees. The program also includes discounts on healthy living products.
Mutual of Omaha also offers discounts on routine vision and hearing care to its Medigap members.
Aetna vs. Mutual of Omaha: Which Company is Right for You?
Both Aetna and Mutual of Omaha have plenty to offer. Aetna has a little more diversity in its plan options while Mutual of Omaha may have an edge in value with plan pricing and additional membership benefits.
You’re unlikely to go wrong with either Aetna or Mutual of Omaha, and a licensed insurance agent can help you finalize your decision by helping you review the plan selections available in your area and comparing costs and benefits.